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Author Topic: BitPonzi: GLBSE pyramid scheme!  (Read 3515 times)
cuddlefish
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July 03, 2011, 09:43:37 AM
 #1

BitPonzi is exactly what it sounds like.

It is a GLBSE asset. Once a week, on Saturdays, I will pay a dividend of 90% of profit from selling the asset to all shareholders.

Get in now for maximum profit!

Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
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erek
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July 03, 2011, 09:45:36 PM
 #2

what do you guys make of this?

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Anonymous
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July 03, 2011, 09:47:01 PM
 #3

Hahaha, never would this be possible before. The world is changing before our very eyes.

Cheers to Bitcoin!
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July 03, 2011, 09:48:21 PM
 #4

90% ?? Hmm.. . tempting but i dont know.

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July 03, 2011, 09:49:32 PM
 #5

90% ?? Hmm.. . tempting but i dont know.

why don't you know? explain

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Anonymous
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July 03, 2011, 09:50:26 PM
 #6

90% ?? Hmm.. . tempting but i dont know.

why don't you know? explain
English isn't his first language.
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July 03, 2011, 09:51:29 PM
 #7

...so I buy a share for 1 BTC (e.g.) to get back 90 bitcents? Wow, sounds like a GREAT deal! Roll Eyes

With the "once a week" scheme, I doubt anyone will even buy a single share in week 2, so it quite likely that you only give some free money to the operator.

Also it's fairly easy to cheat a system like this as an operator.

Edit: Some people seem quite eager to loose money, maybe I should do something similar?! http://charts.glbse.com/markets/BitPonzi_trades.html

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
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erek
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July 03, 2011, 10:04:04 PM
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...so I buy a share for 1 BTC (e.g.) to get back 90 bitcents? Wow, sounds like a GREAT deal! Roll Eyes

With the "once a week" scheme, I doubt anyone will even buy a single share in week 2, so it quite likely that you only give some free money to the operator.

Also it's fairly easy to cheat a system like this as an operator.

Edit: Some people seem quite eager to loose money, maybe I should do something similar?! http://charts.glbse.com/markets/BitPonzi_trades.html
so it's always going to be at a loss of 10% for whoever buys a share?

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Sukrim
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July 04, 2011, 12:18:06 AM
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No, it'll be a loss of 10% for the ones in the first round - it will be a much bigger loss for anyone buying in at further rounds who then subsidize partially the 10% loss of the first-rounders (but as you'd need 10 times the volume of round 1 further down the road to even let the first-rounders have ZERO LOSS, it's quite likely that only the operator wins).

https://bitfinex.com <-- leveraged trading of BTCUSD, LTCUSD and LTCBTC (long and short) - 10% discount on fees for the first 30 days with this refcode: x5K9YtL3Zb
Mail me at Bitmessage: BM-BbiHiVv5qh858ULsyRDtpRrG9WjXN3xf
TiagoTiago
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July 04, 2011, 12:38:16 AM
 #10

I'm confused...

(I dont always get new reply notifications, pls send a pm when you think it has happened)

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July 04, 2011, 01:06:00 AM
 #11

I'm confused...
same here
Anonymous
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July 04, 2011, 01:09:29 AM
 #12

Basically you buy shares in this fictional company. It takes all the investments and spits them out as profit every weekend, assuming new investors are always appearing.

Shinobi
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July 04, 2011, 01:43:17 AM
 #13

Sounds like Stockgeneration.com all over again!

Basically you buy shares in this fictional company. It takes all the investments and spits them out as profit every weekend, assuming new investors are always appearing.



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josell
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July 04, 2011, 06:21:31 PM
 #14

I hope I loose nothing.
fascistmuffin
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July 04, 2011, 06:46:40 PM
 #15

I don't think you're supposed to advertised a ponzi scheme with this amount of transparency. At least you get points for originality.
Nefario
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July 05, 2011, 05:32:31 AM
 #16

The first legitimate Ponzi scheme.

If you start using, the more people you get in the more you can get out, and it grows until the last ones to enter are final losers.

Kind of like social security.

Check it out.

http://en.wikipedia.org/wiki/Ponzi_scheme

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
3phase
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July 05, 2011, 07:34:46 AM
 #17


Kind of like social security.


aah, NOW I UNDERSTAND!!

Fiat no more.
Δοκιμάστε το http://multibit.org - Bitcoin client τώρα και στα Ελληνικά
josell
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July 09, 2011, 05:59:21 PM
 #18

When is the payment? Saturday or Sunday?
julz
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July 12, 2011, 02:02:44 AM
 #19

The first legitimate Ponzi scheme.

If you start using, the more people you get in the more you can get out, and it grows until the last ones to enter are final losers.

Kind of like social security.

Check it out.

http://en.wikipedia.org/wiki/Ponzi_scheme

Should GLBSE really be supporting this sort of scheme as one of it's tradable assets?

While I can sort of see a case for it because it's up front about what it is, it strikes me as the sort of thing that will negatively affect GLBSE's growth.
Why not restrict assets to those that have at least a plausible sustainable investment model - and also are not so likely to attract negative attention from the media and/or various law enforcement/regulatory bodies?

While in general I expect the bitcoin community would be hesitant to get law enforcement involved in disputes - there are perhaps cases involving fraud where there is a place for cooperation with certain agencies. (e.g MTGox indicated they may get law enforcement involved with certain aspects of the recent hack)
Having an asset like bitponzi on the books seems to make it unlikely you'd get any cooperation if for some reason the exchange did need to work with investigators on some issue.

That aside.. it's just likely to scare the average investor off and thus reduce the potential depth of the GLBSE exchange.

Wouldn't it be in your interests to drop bitponzi and at least have a basic 'dress code' for listings? - e.g: 
a) real world contact details which you have verified (can be kept secret - but retained in case of fraud)
b) plausible sustainable business model
c) enough transparency in operations to give credence to b).

I can see you're going for a hands off approach from your terms and conditions.. which is fine to an extent..
but it puts your interests somewhat at odds with those of the average investor.
BitcoinGlobal could be seen to be making a profit from shonky asset operators. 

You state:
"We assume no responsibility or liability for any fraud committed on this exchange but will do our best to prevent its occurrence."
Ponzi schemes aren't likely to fit into most peoples expectations of doing the best to prevent fraud. Even if bitponzi itself is up front about it - you can almost guarantee some early participant will misrepresent it to someone else in order to get more money into the pot.
It's a bit like a company saying they don't spam, yet they encourage their agents to do it on their behalf.

Your exchange your rules.. but it strikes me that you're making a gift for whatever competitors come along and setup an exchange that feels more 'business-like'.




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Nefario
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July 12, 2011, 11:17:23 AM
 #20

The first legitimate Ponzi scheme.

If you start using, the more people you get in the more you can get out, and it grows until the last ones to enter are final losers.

Kind of like social security.

Check it out.

http://en.wikipedia.org/wiki/Ponzi_scheme

Should GLBSE really be supporting this sort of scheme as one of it's tradable assets?

While I can sort of see a case for it because it's up front about what it is, it strikes me as the sort of thing that will negatively affect GLBSE's growth.
Why not restrict assets to those that have at least a plausible sustainable investment model - and also are not so likely to attract negative attention from the media and/or various law enforcement/regulatory bodies?

While in general I expect the bitcoin community would be hesitant to get law enforcement involved in disputes - there are perhaps cases involving fraud where there is a place for cooperation with certain agencies. (e.g MTGox indicated they may get law enforcement involved with certain aspects of the recent hack)
Having an asset like bitponzi on the books seems to make it unlikely you'd get any cooperation if for some reason the exchange did need to work with investigators on some issue.

That aside.. it's just likely to scare the average investor off and thus reduce the potential depth of the GLBSE exchange.

Wouldn't it be in your interests to drop bitponzi and at least have a basic 'dress code' for listings? - e.g: 
a) real world contact details which you have verified (can be kept secret - but retained in case of fraud)
b) plausible sustainable business model
c) enough transparency in operations to give credence to b).

I can see you're going for a hands off approach from your terms and conditions.. which is fine to an extent..
but it puts your interests somewhat at odds with those of the average investor.
BitcoinGlobal could be seen to be making a profit from shonky asset operators. 

You state:
"We assume no responsibility or liability for any fraud committed on this exchange but will do our best to prevent its occurrence."
Ponzi schemes aren't likely to fit into most peoples expectations of doing the best to prevent fraud. Even if bitponzi itself is up front about it - you can almost guarantee some early participant will misrepresent it to someone else in order to get more money into the pot.
It's a bit like a company saying they don't spam, yet they encourage their agents to do it on their behalf.

Your exchange your rules.. but it strikes me that you're making a gift for whatever competitors come along and setup an exchange that feels more 'business-like'.

GLBSE is just a platform, with the exception of cheating people we take no position on whats traded.

The issuer is upfront on exactly what this is, a Ponzi scheme, if people decide to buy it then they are gambling, and the risk as a result is theirs.

Nefario.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
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